Audit of the accounts of the sole-proprietor is not compulsory. However, he may get his books of
Question:
“Audit of the accounts of the sole-proprietor is not compulsory. However, he may get his books of accounts audited for various reasons”.—Discuss.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
An audit simply refers to an official inspection of an organizations financial affairs often conducted by an independent body Soleproprietorship is a ...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
In the ZZZZ Best case, explain the kinds of evidence that the auditors gathered and how the auditors failed. just write one or two paragraph to support ZZZZ Best Case On May 19, 1987, a short article...
-
At the ZZZZ Best Company What is the accounting issue(s) at the core of the problem? At the ZZZZ Best Company was the accounting principle followed correctly or misconstrued by the parties? Why or...
-
Match the following ratios with the appropriate formula. Ratio or Rate Formula a. Income from operations Interest expense Acid-test Total liabilities Stockholders' equity Current b. Net income-...
-
Given that the intensity of solar radiation incident on the upper atmosphere of the Earth is 1 340 W/m2, determine (a) The intensity of solar radiation incident on Mars, (b) The total power incident...
-
Martian Climate. The atmosphere of Mars is mostly CO2 (molar mass 44.0 g/mol) under a pressure of 650 Pa, which we shall assume remains constant. In many places the temperature varies from 0.0C in...
-
(Regression of two stocks) Use the returns of Ford and GM corporations in the previous question. Regress Fords returns on those of GM. Report: a. The slope of the regression. b. The value of the...
-
Tiger Furnishingss CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the companys cost accountant to analyze the accounts and assign overhead...
-
Find the position vector R(t) given the velocity V(t) = 492'1' + 20 c0s(5t)j+ lOIkand the initial position vector R(O) = 31' 2f 3/6. Find the position vector R(t) and velocity V(t) given the...
-
Eric Brown is responsible for upgrading the wireless network for his employer. He has identified seven possible locations to install new nodes for the network. Each node can provide service to...
-
Write a brief outline of the development of audit profession in India.
-
Why are auditors generally required to express an opinion on the truth and fairness of the accounts and why they are not required to certify the accounts?
-
Find y in terms of x for each of the following. a. b. c. d. e. f. dy dx = x(x+5)
-
On the 1/01/x3, J Group acquired 2 025 000 of the 4 500 000 ordinary R1 shares in Entity PA for R5 695 000. At acquisition, PA had retained earnings of R1 400 000. When preparing the J Groups...
-
London Transit is a public transport provider in London, faces a new challenge as criminal activities begin to surface along some of its bus routes. These incidents range from theft and vandalism...
-
What mechanisms do political systems employ to legitimize authority, and how do these mechanisms evolve in response to societal changes ?
-
John Roberts is a factory worker at Neuse River Inc. earning $17.00 per hour.John is eligible for ten paid holidays and three weeks of vacation and is paid "time-and-a-half" for overtime.He is also...
-
Florida is an employment at will state, what does that mean legally in the workplace? Explain the law. How does Florida being an employment at will state effect contract negations with unions and...
-
Franklin purchases 40 percent of Johnson Company on January 1 for $500,000. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnsons...
-
A red card is illuminated by red light. What color will the card appear? What if its illuminated by blue light?
-
What is the difference between an ICQ and an ICEQ?
-
One of your junior staff has prepared some slides for a presentation to a client on the practical procedures involved in auditing. The slides contain the following statements: a) Materiality is...
-
What is a SORP?
-
Inventory Valuation at Walmart Values: Beginning Inventory: $500,000 Purchases: $1,000,000 Sales Revenue: $1,500,000 Requirements: Apply the conservatism principle to value ending inventory. Discuss...
-
A manufacturing company incurred the following costs during the month: Direct materials costing $70,000, direct labor expenses totaling $55,000, and factory overhead costs of $50,000. Calculate the...
-
Noah was hired as the Chief Executive Officer (CEO) of Gamma Corporation, a publicly-traded company in the energy sector, on January 1, 2022. For the fiscal year 2023, Gamma Corporation compensated...
Study smarter with the SolutionInn App